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Investor Presentaiton

Financial Results (Statements of Income) Daiwa House REIT Investment Corporation The merger and acquisition of 7 properties contributed to 8 consecutive periods with income growth and 4,800 yen of DPU Statements of Income for the Period ended Feb. 2017 Major Variation Factors (vs Forecast) (million yen) Aug. 2016 Feb. 2017 Feb. 2017 Former DHI Result Former DHR Former DHI + Result Former DHR vs Aug. 2016 Forecast Result Former DHI +Former DHR as of 2016/10/19 Result vs Forecast Increase in operating revenue +170 mil yen Operating Revenue 9,691 7,142 16,833 17,531 697 17,360 170 Total Rental Revenue 9,691 7,142 16,833 17,531 697 17,360 170 ☐ Rental Revenue 9,020 6,938 15,958 16,606 647 16,491 115 Other rental revenue 670 204 874 924 49 869 55 ⚫Favorable occupancy at residential properties • Acquisition of one retail property (land) Increase in property operating expenses • Increase in repairs and maintenance expenses and restoration costs -36 mil yen Operating Expenses 5,731 3,261 8,992 11,963 2,970 12,005 -42 Loss on sale of property -4 mil yen Property operating expenses 4,746 2,667 7,414 7,493 79 7,457 36 •Sale of Castalia Minamigyotoku II Property operating expenses 2,713 1,160 3,873 4,132 258 4,091 41 (excluding depreciation) Depreciation 2,033 1,507 3,540 3,361 -179 3,366 -5 Other operating expenses 984 593 1,578 4,465 2,887 4,547 -82 Decrease in other operating expenses •Expenses related to D Project Shin-Misato litigation recorded as extraordinary loss +82 mil yen Amortization of goodwill 1,982 1,982 1,982 Operating Income 3,959 3,880 7,840 5,567 -2,273 5,354 212 Increase in non-operating +26 mil yen income Non-operating income 10 2 13 32 19 5 26 Refunded consumption taxes Non-operating expenses 756 601 1,358 1,125 -232 1,140 -14 Interest and borrowing 730 600 1,331 1,123 -208 1,138 -14 related expenses Decrease in interest and borrowing related expenses +14 mil yen Ordinary Income 3,214 3,281 6,495 4,474 -2,021 4,219 254 Extraordinary loss. -80 mil yen Net Income 3,213 3,280 6,494 4,393 -2,101 4,219 174 Reversal of retained earnings 178 178 2,899 2,720 2,921 -22 (Note) Total distribution 3,392 3,281 6,673 7,292 618 7,140 151 DPU 4,537 yen 4,800 yen 263 yen 4,700 yen 100 yen (Note) Reversal of retained earnings of former DHI for the period ended Aug. 2016: Amount of retained earnings equivalent to 10% of depreciation (202 mil yen) and netting the amount retained for distribution (23 mil yen) Reversal of retained earnings for the period ended Feb. 2017: Reversal of retained earnings (2,920 mil yen) and netting the amount retained for distribution (21 mil yen) 5
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